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Published On: Wed, Aug 24th, 2011

Steve Jobs resigns from Apple; Tim Cook new CEO

Silicon Valley legend and Apple co-founder Steve Jobs relinquished the reins at Apple Inc to right-hand man Tim Cook on Wednesday, after 14 years in command at a company he brought back from the brink and turned into the world’s largest technology corporation.

Jobs, who fought and survived a rare form of pancreatic cancer and revolutionized the technology arena with the iPhone in 2007, is deemed the heart and soul of a company that started in a garage and is today neck-and-neck with Exxon Mobil in the race to become the largest U.S. corporation.

Analysts do not expect Jobs’ resignation — which was more a question of when than if — to derail Apple’s fabled product-launch roadmap, including possibly a new iPhone in September a third iteration of the iPad tablet in 2012.

But the company’s shares still dived as much as 7 percent in after-hours trade after the industry icon, who has been on medical leave for an undisclosed condition since January 17, announced he will be replaced by COO and heir apparent Cook.

“I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come,” he said in a brief letter announcing his resignation.

The 55-year-old CEO had briefly emerged from his medical leave in March to unveil the latest version of the iPad and later to attend a dinner hosted by President Barack Obama for technology leaders in Silicon Valley.

Jobs’ often-gaunt appearance has sparked questions about his health and his ability to continue at Apple.

“I will say to investors: don’t panic and remain calm, it’s the right thing to do. Steve will be chairman and Cook is CEO,” said BGC Financial analyst Colin Gillis.

read more: http://www.reuters.com/article/2011/08/25/us-apple-idUSTRE77N82K20110825

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